Phuc Khang-Mitsubishi journey: the desire to create sustainable value

November 23, 2022 | 10:21
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Sustainability is often discussed in key meetings involving Phuc Khang Corporation and Mitsubishi Corporation, its Japanese partner, as the pair strive to create a more sustainable and connected value system through ventures like Diamond Lotus Riverside.
Phuc Khang-Mitsubishi journey: the desire to create sustainable value
Luu Thi Thanh Mau and a representative of Phuc Khang Corporation at the welcoming ceremony for Mitsubishi Corporation Vietnam

A decade ago, Phuc Khang Corporation founder and CEO Luu Thi Thanh Mau visited Japan to find new growth opportunities for her high-class housing business, knowing that sticking to traditional methods does not always bring about new results.

After a period of serious research, Mau realised that sustainable development is about transferring her social responsibilities to the next generation. The story of sustainable development through the foundation of green buildings became Mau’s target.

That trip to Japan did not only help Mau find a new direction - “product intellectualisation” for her businesses through green building development – but also opened a new cooperation opportunity with a top Japanese enterprise.

A strategic cooperation relationship between Phuc Khang and Mitsubishi, officially established in 2017, helped establish the Phuc Khang Mitsubishi Corporation (PKMC) joint venture.

Phuc Khang-Mitsubishi journey: the desire to create sustainable value
Tran Tam (front left), chairman at Phuc Khang Corporation, at the joint venture signing ceremony with Mitsubishi

The journey to establish a partnership with Mitsubishi not only demonstrates the desire of CEO Mau in creating genuine green urban areas with international standards in Vietnam, but also shows her determination to bring the Vietnamese brand out to the world and give it an international mindset.

Along with the efforts of the governments of the two countries over many years, the business investment relationship has become stronger and there have been more effective projects as a result. In the field of real estate, businesses of the two countries also create many conditions to cooperate and create common values.

Real estate participation

In 2017, Phuc Khang Corporation and Mitsubishi officially held a ceremony to announce strategic cooperation and signed a joint-venture establishment to develop a high-rise apartment project under green building standards in Vietnam.

This step marked Mitsubishi’s initial participation in the Ho Chi Minh City real estate market and began the journey for both companies to create a sustainable value system.

Mitsubishi Corporation is a prestigious Japanese corporation that cover various industries. In real estate, it has experience in developing ventures in Japan, the US, China, and many countries in Southeast Asia.

In view of this, both groups established PKMC to invest and develop Diamond Lotus Riverside, the first high-rise apartment project in Vietnam to be built, managed, and operated under LEED standards, a popular green building standard found in 150 countries around the world.

The establishment of PKMC is the pride of Mau, which was born through the process of self-study abroad to investment promotion and finding partners who have the same goal of creating green and sustainable values for the community.

Being one of those present at the signing ceremony for the partnership, then-chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said, “This marriage will help Phuc Khang stand on the shoulders of the giants to expand and spread its spirit to other businesses.”

Five years on, the marriage between the two businesses has gone from strength to strength.

Phuc Khang-Mitsubishi journey: the desire to create sustainable value
Diamond Lotus Riverside, a green building invested and developed by PKMC

Diamond Lotus Riverside

Green buildings constructed under Japanese quality and technology are the most realistic witnesses to the sustainable value system that the Phuc Khang-Mitsubishi journey is pursuing. The first sweet fruit found on that journey is the luxury apartment complex Diamond Lotus Riverside.

Located at Le Quang Kim Street in District 8 of Ho Chi Minh City, Diamond Lotus Riverside stands out as a green symbol in the heart of the city. This project was certified with a Gold level for LEED standards of the US Green Building Council, while it has also attained LOTUS standards of the Vietnam Green Building Council (VGBC).

Diamond Lotus Riverside completed construction in 2020 and its apartments were handed over to residents. Kyosuke Nakagawa, general director of Urban Development at Mitsubishi in Vietnam, and a reliable partner of Phuc Khang for many years said, “I highly appreciate Phuc Khang’s concept of being a green developer to respond to global trends of environmental, social, and governance criteria and the UN’s Sustainable Development Goals. Phuc Khang is a dedicated company that always focuses on community, the environment, and quality of life.”

At the end of 2021, Diamond Lotus Riverside was awarded the LOTUS certificate by the VGBC. The venture is now provisionally on track to reach the LOTUS Gold level.

And earlier in 2022, Diamond Lotus Riverside was honoured by Vietnamese real estate online magazine Realtime as one of the top 5 smartest green building projects of 2021.

Meanwhile, at Green Building Week 2022 held in October in Ho Chi Minh City, Diamond Lotus Riverside was selected as one of two green buildings to receive a delegation of more than 60 guests who are representatives of ministries, agencies, organisations, associations, businesses and the press to visit the site.

“Diamond Lotus Riverside has achieved important benefits in terms of the environment, the economy, and society,” said Phan Thu Hang, chairman of the VGBC. “Through methodical and professional application of strict standards, the investor has demonstrated a commitment to corporate social responsibility to the community and to the environment through mitigating the carbon footprint at the project site. This opens up a better living environment while saving and efficiently using electric and water,” Hang said.

Diamond Lotus Riverside is awarded Lotus Provisional Certification by VGBC Diamond Lotus Riverside is awarded Lotus Provisional Certification by VGBC

Green building developer Phuc Khang Corporation has recently celebrated its high-class Diamond Lotus Riverside being awarded Lotus Provisional Certification by the Vietnam Green Building Council (VGBC), making the first step to the Lotus Certification.

Phuc Khang Corporation CEO proposes update to green building rules Phuc Khang Corporation CEO proposes update to green building rules

It is necessary to strengthen the development of green finance and credit, and enhance legal documents on green building standards, according to Luu Thi Thanh Mau, CEO of Phuc Khang Corporation.

By An Binh

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